Voltage Transformers Market Size, Share, Growth Analysis, By Core Type(Closed, Shell, and Berry), By Application(Residential and Commercial, Utility, Industrial, and Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45J2124 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|Tables:
64
|Figures:
75
Voltage Transformers Market Insights
Global Voltage Transformers Market size was valued at USD 3.69 billion in 2022 and is poised to grow from USD 3.89 billion in 2023 to USD 5.92 billion by 2031, at a CAGR of 5.4% during the forecast period (2024-2031).
The voltage transformer market is poised for substantial growth in the coming years, fueled by the increasing need for electricity, the growing acceptance of renewable energy sources, and the expansion of power transmission and distribution networks. The primary objective of the voltage transformer market is to offer effective, dependable, and secure voltage conversion within power systems, facilitating precise measurement and monitoring of electrical parameters. These transformers find extensive application in power transmission and distribution, renewable energy installations, industrial settings, and the assessment and adjustment of electrical equipment.
The rise in demand for electricity in developing nations, the surge in renewable energy usage, and the expansion of power transmission and distribution networks are the main factors propelling the global voltage transformer market. The market's growth is further fueled by investments in smart grid technologies, the necessity for efficient energy management systems, and the increasing demand for high-quality power supply. Despite these positive trends, the market faces challenges like high installation and maintenance costs, hindering adoption in certain regions. Additionally, the availability of low-cost alternatives, such as shunt reactors and capacitive voltage transformers, poses a threat. Achieving high precision and accuracy in voltage measurements, influenced by factors like temperature, humidity, and electromagnetic interference, also remains a challenge. Nevertheless, opportunities abound in the market, driven by the growing demand for renewable energy systems, the widespread adoption of smart grid technologies, and the continual expansion of power transmission and distribution networks. The emergence of innovative technologies, including digital voltage transformers and optical voltage sensors, is expected to create new avenues for growth.
US Voltage Transformers Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot
Global Market Size
Largest Segment
Closed Core
Fastest Growth
Berry Core
Growth Rate
ong>US Voltage Transformers Market is poised to gr CAGR
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Voltage Transformers Market Segmental Analysis
The global voltage transformers market is segmented on the basis of core type, application, and region. By core type, the market is segmented into closed, shell, and berry. In terms of application, the market is segmented into residential, commercial, utility, industrial, Others. Regionwise, the market is widespread into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Voltage Transformers Market Analysis by Core Type
The largest segment in the voltage transformers market is the closed core type. This segment holds a significant share of the market due to its widespread usage across various applications. Closed core voltage transformers offer excellent performance, reliability, and efficiency, making them a preferred choice for a wide range of industries. They provide accurate voltage transformation, ensuring stable and precise power distribution, and are extensively utilized in power transmission and distribution systems, industrial plants, and commercial buildings.
The fastest-growing segment in the voltage transformers market is the berry core type. The berry core transformers have gained significant attention in recent years due to their unique design and exceptional performance characteristics. Berry core transformers offer advantages such as reduced losses, improved efficiency, and compact size. These transformers are highly sought after in applications where space constraints are a concern, such as in urban areas with limited installation space or in industrial facilities with dense equipment arrangements.
Voltage Transformers Market Analysis by Application
The largest segment in the voltage transformers market is the utility sector. With the increasing demand for electricity worldwide, utility companies play a vital role in transmitting and distributing power across vast networks. Voltage transformers are essential components in the utility sector as they facilitate the transformation of high voltage power generated at power plants into lower voltages suitable for distribution to residential, commercial, and industrial consumers. The utility sector represents the largest consumer base for voltage transformers due to its extensive infrastructure and ongoing expansion projects. In this segment, the market enjoys a robust and stable demand, providing a solid foundation for industry players.
The fastest growing segment in the voltage transformers market is the renewable energy sector. As the world shifts towards a more sustainable and environmentally friendly energy mix, the adoption of renewable energy sources such as wind and solar power is rapidly increasing. Voltage transformers play a crucial role in converting the fluctuating voltages produced by renewable energy sources into stable and usable power for transmission and distribution. The renewable energy sector's exponential growth, driven by favorable government policies, declining costs of renewable technologies, and increasing awareness of climate change, presents a significant opportunity for voltage transformer manufacturers. With renewable energy installations expanding worldwide, the demand for voltage transformers in this segment is projected to skyrocket in the coming years.
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Voltage Transformers Market Regional Insights
North America is expected to hold the largest market share during the forecast period. The region is home to some of the leading manufacturers of voltage transformers such as Eaton Corporation and Schneider Electric. The growing demand for smart grid technologies and the need for energy efficiency are the major drivers for the market in North America. In North America, the United States is the largest market for voltage transformers, with a high demand for transformers in the power generation, transmission, and distribution industries. The country's aging power infrastructure and increasing demand for electricity are driving the growth of the voltage transformers market.
Europe is the fastest growing market for voltage transformers, with a high demand for transformers in the power generation, transmission, and distribution industries. The country's focus on renewable energy and energy efficiency is driving the growth of the voltage transformers market in the region. Both North America and Europe have strict regulations and standards for voltage transformers to ensure the safety and reliability of power infrastructure. This creates opportunities for manufacturers to develop and market high-quality voltage transformers that meet these regulations and standards. The voltage transformers market in North America and Europe is expected to grow steadily due to the need for modernization and upgrade of existing power infrastructure, and the increasing demand for electricity in these regions. Manufacturers that focus on innovation, quality, and compliance with regulations and standards are likely to succeed in these markets.
- Largest
- Fastest
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Voltage Transformers Market Dynamics
Voltage Transformers Market Drivers
Growing Demand for Electricity
- The growing demand for electricity is one of the major drivers of the global voltage transformers market. As more countries seek to modernize and expand their power infrastructure, the demand for voltage transformers is expected to increase. The demand for electricity is driven by several factors, including population growth, urbanization, and economic development. As more people move into cities and more industries are established, the demand for electricity increases. emerging economies such as China and India are rapidly developing their power infrastructure to support economic growth, which is also driving the demand for voltage transformers.
Renewable Energy
- The global voltage transformers market is also driven by the growing focus on renewable energy sources such as wind and solar power. The demand for voltage transformers that can integrate these sources into the power grid is expected to increase. Renewable energy sources are variable, which means that their output can fluctuate depending on the weather and other factors. Voltage transformers play a critical role in the integration of renewable energy sources into the power grid, by stepping up or stepping down the voltage as needed to match the grid's requirements. Voltage transformers also play a role in the transmission and distribution of renewable energy. Renewable energy sources are often located in remote areas, far away from population centers, which means that the power they generate must be transported over long distances.
Voltage Transformers Market Restraints
Fluctuating Prices of Raw Materials
- The fluctuating prices of raw materials is one of the key restraints of the global voltage transformers market. The price of raw materials used in the production of voltage transformers, such as copper, aluminum, and steel, can be volatile and subject to market fluctuations. The price volatility of raw materials can impact the profitability of manufacturers, who may have to bear the cost of price fluctuations, especially in the short-term. This can make it difficult for manufacturers to maintain a stable pricing structure for their products, which can have a negative impact on their competitiveness in the market. The fluctuating prices of raw materials can also affect the cost of production and supply chain operations, such as transportation and logistics. These costs can increase due to changes in the prices of raw materials, leading to an increase in the overall cost of production and supply chain management.
Stringent Government Regulations
- The Stringent government regulations are another important restraint of the global voltage transformers market. Governments around the world are increasingly implementing regulations aimed at improving the efficiency and safety of power systems. These regulations often specify strict requirements for voltage transformers, which can impact the design, production, and marketing of these products. Some regulations may require voltage transformers to meet specific efficiency standards or safety requirements, such as insulation levels and electromagnetic compatibility. Manufacturers may need to invest in research and development to meet these requirements, which can increase the cost of production and limit their competitiveness in the market.
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Voltage Transformers Market Competitive Landscape
The global voltage transformers market is highly competitive, with several established players competing for market share. These companies compete on various factors such as product quality, reliability, pricing, innovation, and customer service. They also focus on expanding their global presence by entering new markets and partnering with local distributors. The market also features several smaller companies that specialize in niche areas such as custom-designed voltage transformers for specific applications. The competitive landscape of the global voltage transformers market is characterized by intense competition among established players, as well as opportunities for smaller companies to compete by offering specialized products and services. The market continues to grow, competition is expected to intensify further, with players looking to differentiate themselves through innovation, product quality, and customer service.
Voltage Transformers Market Top Player’s Company Profiles
- ABB Ltd. (Switzerland)
- Siemens AG (Germany)
- General Electric Company (US)
- Schneider Electric SE (France)
- Mitsubishi Electric Corporation (Japan)
- Toshiba Corporation (Japan)
- CG Power and Industrial Solutions Limited (India)
- TBEA Co., Ltd. (China)
- Hyundai Electric & Energy Systems Co., Ltd. (South Korea)
- Instrument Transformers Inc. (US)
- BHEL (India)
- EMCO Limited (India)
- ITL Group (India)
- Jinan Huadian Heavy Industries Co., Ltd. (China)
- Crompton Greaves Limited (India)
- China XD Group (China)
- PT. CG Power Systems Indonesia (Indonesia)
- Bharat Heavy Electricals Limited (India)
- Hitachi, Ltd. (Japan)
- Daihen Corporation (Japan)
Voltage Transformers Market Recent Developments
- In January 2024, South Korean power equipment manufacturer LS Electric Co. signed an agreement with GE Vernova to strengthen ties in the high voltage direct current (HVDC) transmission sector, with hopes to expand its presence at home and abroad.
- In January 2024, Iljin Electric disclosed that it secured a contract with Malaysia’s state-owned electricity utility, Tenaga Nasional Berhad (TNB). The US$36 million contract involves the supply of materials and connection construction for a 52.4 km, 275 kV high-voltage underground cable project.
- In December 2023, global energy infrastructure leader, Prolec GE, a Prolec subsidiary of a joint venture between GE and Xignux, a Mexico-based private company, announced additional manufacturing investments of $85 million to meet unprecedented North American demand for single-phase pad-mount transformers.
Voltage Transformers Key Market Trends
- Government Focus toward Rural Electrification Drives Transformer Industry’s Growth: Their stringent government policies toward rural electrification along with growing concern toward minimizing power theft is expected to foster the closed voltage transformer market share. Increase in applicability of these units across low & medium power grid networks coupled with the rise in digital transformation of power utilities will further augment the business landscape. This technology has experienced significant upsurge owing to its effective mechanical strength, minimal flux leakage, less failure rates and operational flexibility.
- Flourishing Real Estate Sector Expected to Accelerate Demand for Indoor Voltage Transformers: growth across the real estate sector coupled with the rise in space constraints will sway the product demand. Positive outlook toward infrastructural development favored by the rise in investments from private and public entities to sustain the programs and regulatory initiatives will complement the industry statistics. Ongoing integration of sustainable energy sources has further led to the expansion of micro-grid networks, which in turn is expected to strengthen the business landscape.
Voltage Transformers Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global voltage transformers market analyses, the growing demand for electricity, the increasing adoption of renewable energy sources, and the need for modernizing and upgrading aging power infrastructure is a prime factor augmenting growth of this market. Rapid urbanization and industrialization in these countries have led to an increase in energy demand, driving the need for new power infrastructure and transmission systems. Voltage transformers play a critical role in these systems by stepping down the voltage of electricity for safe and efficient transmission and distribution.
Voltage transformers are essential components of renewable energy systems, where they are used to step up the voltage of electricity generated by wind turbines and solar panels for transmission to the grid. The market also faces several challenges, including the fluctuating prices of raw materials, stringent government regulations, and intense competition among players. The fluctuating prices of raw materials such as copper and steel can impact the profitability of manufacturers, while government regulations related to energy efficiency and environmental protection can increase compliance costs. The market presents significant opportunities for growth, particularly in emerging economies. The global voltage transformers market is expected to continue growing in the coming years, driven by factors such as growing energy demand, increasing adoption of renewable energy, and the need for modernizing and upgrading aging power infrastructure.
| Report Metric | Details |
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| Growth Rate | ong>US Voltage Transformers Market is poised to grow at a sustainable CAGR for the next forecast year.% |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Voltage Transformers Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Voltage Transformers Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Voltage Transformers Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Voltage Transformers Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Voltage Transformers Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Voltage Transformers Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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